Home »Money and Banking » World » SBI Life to launch India’s first billion dollar IPO in seven years

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  • Sep 18th, 2017
  • Comments Off on SBI Life to launch India’s first billion dollar IPO in seven years
India's SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the country's first billion-dollar IPO in nearly seven years. SBI Life, a subsidiary of top Indian lender State Bank of India, will open the IPO sale to the public on September 20 and close it on September 22, according to a filing.

Two sources said the shares will be sold in a price range of 685 rupees to 700 rupees apiece. The IPO will raise as much as 84 billion rupees ($1.3 billion) for SBI Life's two main shareholders - State Bank of India and BNP Paribas Cardif - which are paring their stakes.

State Bank of India is selling up to an 8 percent stake, or 80 million shares, in SBI Life, while BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares. SBI Life's IPO is the biggest since state-run Coal India's 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010's $8.5 billion.



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